Barclays is working with advisers to sell its offshore fiduciary services division, according to four people familiar with the situation.

The UK lender has hired advisers at Canaccord Genuity to sell the business, which provides fiduciary services to high net worth clients and corporations, three of the people said.

The company has annual earnings before interest, tax, depreciation and amortisation of roughly £12 million, and could fetch more than £100 million at auction, two of the people said.

The sale is expected to attract interest from private equity firms, the people said.

Barclays acquired the company, which was previously known as Walbrook Group, from the private equity arm of asset manager Hermes in 2007 for an undisclosed sum and integrated the business into its wealth advisory division.

At the time of the deal, Walbrook had £8.6 billion under administration and management, and about 200 employees.

A potential sale of the unit will add to a list of recent sell-offs in the fiduciary services market. In February, UK private equity firm Electra Partners agreed to buy the fiduciary services arm of offshore law firm Ogier for an enterprise value of £180 million. Last year, HgCapital sold fiduciary services company ATC to Blackstone-owned Intertrust Group for €303 million.

The sale of ATC made HgCapital 2.2x its original investment, according to a statement at the time.